Leaseholder vs

Understanding Leaseholder and Shared Ownership Schemes

• A leaseholder buys the right to live in a home for a fixed number of years from the landlord, but does not own the land or building.
• The landlord is responsible for building maintenance and repair, while the leaseholder is responsible for internal property repairs.
• Shared ownership is a government-backed scheme for people who cannot afford to buy a home at full market value.
• Shared ownership is a part-buy/part-rent scheme where buyers purchase a share in the property and pay rent on the remaining share.
• Social Home Buy, Right to Acquire, Right to Buy, and Help to Buy are purchasing schemes available for shared ownership properties.
• Shared ownership eligibility criteria includes age, annual household income, and being a first-time buyer or in the process of selling a home.
• Discounts may be available depending on the location, and tenants who have been with Peabody for five or more years may qualify to buy their current home.
• Staircasing allows shared ownership leaseholders to buy further shares of their property, with a minimum additional purchase of 10% and multiples of 5%.
• Resale properties are homes that current owners bought through shared ownership and now wish to sell on.
• If a seller of a shared ownership property does not own 100%, they must give Peabody eight weeks to sell the property before putting it on the open market.
• If a seller owns 100% of their property, they can sell on the open market without Peabody's assistance.
• Costs involved in selling a shared ownership property include valuation, marketing fee, legal fees, EPC, and leasehold information pack.

Are you looking to understand leaseholder and shared ownership schemes better? This quiz is perfect for you! Test your knowledge on the differences between being a leaseholder and a homeowner, and learn about the benefits of shared ownership. This government-backed scheme can help you get on the property ladder, but do you know the eligibility criteria and purchasing options available? Find out in this informative quiz that covers everything from staircasing to resale properties and the costs involved in selling a shared ownership property. Don't miss out